China’s exports surge, imports plunge
China’s trade rebounded in February with exports surging 48.9 percent in February from a year earlier, but imports plunged 20.1 percent in another sign of continued weakness in the world’s second-largest economy.
Exports reversed the 3.2-percent decline in January. However, the decline in imports accelerated from the previous month’s 19.7-percent fall, according to data from the General Administration of Customs (GAC).
The value of February exports amounted to 1.04 trillion yuan ($169.11 billion) while the value of imports was 666.1 billion yuan, resulting in a widening trade surplus of 370.5 billion yuan.
China’s demand for raw materials such as iron ore and coal shrank as economic growth slid last year to its lowest level since 1990.
The country has been striving to lessen its reliance on investment and foreign trade by fostering growth driven by domestic demand. (Photo 3)